Pennsylvania Revenue Collections Beat Projections

By Tony Romeo

HARRISBURG, Pa. (CBS) - There was good news about Pennsylvania's finances on two fronts yesterday.

For several months in a row now, revenue collections have come in above projections. The state Revenue Department said for April, collections were almost $99 million, or about three percent, above what was expected.

For the year to date, collections are off by $288 million, or 1.2-percent. Meanwhile, Pennsylvania's new Independent Fiscal Office said projected revenues for the new fiscal year are $400 million above what the Corbett administration estimated months ago.

"If you're comparing to numbers that were released and the economic situation six months ago, we think that things look a little better," IFO Director Matthew Knittel says. "We think the labor market looks a little better, the housing market even looks a little better."

A spokesman for the Senate majority leader says the improving revenue picture should allow for some important budget restorations, but cautions that the final budget plan must be sustainable.